6 days ago
- Business
- Los Angeles Times
CloudCover Receives Growth Investment from Argentum to Accelerate Global Expansion
Irvine-based CloudCover, a provider of third-party maintenance and IT lifecycle management solutions powered by its cloud-based platform, announced a growth investment from Argentum, a New York-based growth equity firm. The investment will support CloudCover's continued expansion into global markets and accelerate the development of its platform, CoverIT, a service operations platform that enables more efficient and scalable third-party maintenance across the IT ecosystem.
'CloudCover has reached a pivotal point in its growth journey,' said Jeff Huggins, founder and chief executive of CloudCover, in a statement. 'The opportunity to lead the third-party maintenance and IT lifecycle management markets through technology innovation is massive and accelerating. Argentum is the right partner to help us scale, without compromising the culture, vision or execution that got us here.'
Huggins will continue to lead the company as chairman and CEO and remain the majority shareholder after the investment. New York-based Argentum partners with founder-led B2B software and technology-enabled services companies to accelerate growth, fund acquisitions and generate shareholder liquidity. It fills the gap between venture capital funds and later-stage private equity firms by targeting capital-efficient companies that are not seeking a change in control. Argentum has invested in over 100 companies and supported more than 200 add-on acquisitions.
DLA Piper advised Argentum on its strategic growth investment in CloudCover.
Information for this article was sourced from CloudCover.
